The proof Washington Quarter series began in 1950 and quarters from this year had a mintage of about 51,000. As the years went on mintages increased significantly year by year. By 1954 the Mint struck a little over 233,000 proof quarters, making it a more common issue if compared to the first years that Washington Quarters were produced. By the early 1960's the Mint started producing over 3 million coins each year, making proof Washington quarters much more common.
The 1954 Proof Washington Quarter is not considered scarce but it is very popular amongst Washington Silver Quarter collectors. Most examples are easily affordable, unless collectors want an example in high grades with Cameo or Deep Cameo contrast. If so, then expect to pay a very significant premium.